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Canada: Trade deficit increases to $2.1 billion in November as exports decline 2.9%

"Canadian exports fell 2.9% in November, mainly on lower crude oil exports, while imports decreased 0.5%," Statistics Canada reported on Tuesday and added: "As a result, Canada's merchandise trade deficit with the world widened from $851 million in October to $2.1 billion in November."

Key takeaways from the press release

  • Total exports fell 2.9% to $48.3 billion in November, a fourth consecutive monthly decline. 
  • Following a 6.7% decline in October, exports of energy products fell 9.2% to $8.4 billion in November. 
  • Exports to the United States fell 3.9% in November to $35.3 billion, mostly due to lower crude oil exports. 
  • Total imports declined 0.5% to $50.4 billion in November.

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